DUBAI: The International Finance Corporation (IFC) will provide up to $75 million in debt financing to a Yemeni food company as the war-torn country struggles with a growing hunger crisis and aid funding shortage, it said on Tuesday.
The IFC, the investment arm of the World Bank, is giving the assistance to multinational Yemeni family conglomerate the Hayel Saeed Anam Group (HAS), which includes six food companies operating in the dairy, flour, and sugar sectors in Yemen.
IFC said it is its first investment in Yemen’s agribusiness sector in more than 10 years.
Yemen’s deep economic crisis, shortage of foreign currency and impediments to food imports have seen prices skyrocket out of the reach of many.
A serious gap in funding for the Yemen aid response appeared last year, but more funds started flowing from March to April after UN officials said Yemen could see the world’s worst famine in decades.
“IFC’s financing package will help reduce food shortages and ensure supply chain sustainability, including the supply of staple foods to towns and villages across Yemen,” the corporation said.
The United Nations says the country is the world’s largest humanitarian crisis. Pockets of famine-like conditions re-appeared last year, the world body has said.
The United States on Monday said it would give $165 million in new humanitarian assistance to Yemen, hoping the move would encourage other donors to come forward with funds to address Yemen’s funding shortage.
World Bank’s IFC gives $75m debt financing to Yemeni food group
https://arab.news/2apwd
World Bank’s IFC gives $75m debt financing to Yemeni food group
- Debt financing provided to Yemeni family conglomerate the Hayel Saeed Anam Group
- HAS includes six food companies operating in the dairy, flour, and sugar sectors in Yemen
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
